Student Loan Relief

The Student Debt Crisis
LIVES ON HOLD

by Reveal from The Center for Investigative Reporting.

Millions of Americans who went to college seeking a better future now face crushing debt from student loans—while the industry makes a handsome profit. How a broken system landed so many in this mess.

lmost every American knows an adult burdened by a student loan. Fewer know that growing alongside 42 million indebted students is a formidable private industry that has been enriched by those very loans.

A generation ago, the federal government opened its student loan bank to profit-making corporations. Private-equity companies and Wall Street banks seized on the flow of federal loan dollars, peddling loans students sometimes could not afford and then collecting fees from the government to hound students when they defaulted.

Step by step, one law after another has been enacted by Congress to make student debt the worst kind of debt for Americans—and the best kind for banks and debt collectors.

Today, just about everyone involved in the student loan industry makes money off of the students—the banks, private investors, even the federal government.

42 million Americans bear $1.3 trillion in student debt that’s altering lives, relationships and even retirement.

Once in place, the privatized student loan industry has largely succeeded in preserving its status in Washington. And in one of the industry’s greatest lobbying triumphs, student loans can no longer be discharged in bankruptcy, except in rare cases.

At the same time, societal changes conspired to drive up the basic need for these loans: Middle-class incomes stagnated, college costs soared, and states retreated from their historical investment in public universities.

If states had continued to support public higher education at the rate they had in 1980, they would have invested at least an additional $500 billion in their university systems, according to an analysis by Reveal from The Center for Investigative Reporting.

42 million Americans bear $1.3 trillion in student debt that’s altering lives, relationships and even retirement.

The calculus for students and their families had changed drastically, with little notice. Today, there is a student debt class like no other: about 42 million Americans bearing $1.3 trillion in student debt that’s altering lives, relationships, and even retirement.

“I feel I kind of ruined my life by going to college,” says Jackie Krowen, 32, of Portland, Oregon, a nurse with a student loan balance of $152,000. “I can’t plan for an actual future.”

One of the beneficiaries in the profit spree behind this debt is the federal government. By the Department of Education’s own calculations, the government expects to earn an astonishing 20 percent for the loans it made in 2013.

Today student debt is a $140 billion-a-year industry, and unlike many of its student customers, the industry’s future looks bright.

Call Galler Law @ 678-905-9901 for help with YOUR Student Loan debt!

STUDENT LOAN FORGIVNESS

Did you know that Congress created a program called the Public Service Loan Forgiveness Program to encourage individuals to enter and continue to work full-time in public service jobs? Under this program, borrowers may qualify for forgiveness of the remaining balance due on their eligible federal student loans!
WHAT IS STUDENT LOAN FORGIVENESS?
With all the new acts in place to assist graduates or people with student loan debt like you, there are repayments options that focus on more of your family size and annual household income as opposed to your conventional repayment plans. Given your current situation you have been qualified to take advantage of some of these programs.
WHO CAN QUALIFY FOR STUDENT LOAN FORGIVENESS PROGRAMS?

TEACHER LOAN FORGIVENESS
The Teacher Loan Forgiveness program is probably the most beneficial of all the loan forgiveness plans available as teachers not only qualify for early forgiveness, but principal reduction as well. Teachers can be eligible for $5,000 to $17,500 in principal reduction on their loans under certain circumstances in the Teacher Loan Forgiveness program. The idea behind this principal reduction was to encourage young graduates to enter into a career of teaching, and also to continue that career. Teachers also qualify for complete loan forgiveness after 10 years of repaying their loans. Contact us for more information.

PUBLIC SERVICE LOAN FORGIVENESS
You may qualify for public service loan forgiveness if you work full-time in a public service job. After making 120 consecutive payments under certain repayment plans while working full time in a public service position, the balance of your Federal Student Loan would be completely forgiven.

TOTAL AND PERMANENT DISABILITY DISCHARGE
A borrower may qualify for Total and Permanent Disability Discharge on their Federal Student Loans if they are unable to engage in any substantial gainful activity because of a physical or mental impairment.

More Questions Call Student Loan Relief : 678-905-9901